The Bounded Rationality Model of Decision Making Suggests That

question 252

Multiple Choice

The bounded rationality model of decision making suggests that

• A) we compute the probability and utility of each option when we make decisions.
• B) we use heuristics to arrive at satisfactory decisions.
• C) we use algorithms to make the best possible decisions.
• D) the decisions we make are often irrational.

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Definitions:

Lower Cost

A strategy or outcome aimed at reducing expenses and financial outlay in the production or acquisition of goods and services.

Faster Delivery

The reduction of time it takes to transport goods or services to customers.

Dependable Delivery

The reliability of a supply chain in delivering products or services to customers within the promised time frame.